1407 State Route 208 · Wallkill, NY 12589

$525,000

5 bd · 4.0 ba · 2,104 sqft · MultiFamily public records · 125 Days on market

Built 1996 3.80 ac lot $250/sqft · at area comps Est $510k · at est.

---

Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Appreciation +10.0/10.0
• Cash flow +6.9/30.0
• ARV discount +6.2/15.0
• Schools +4.9/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +1.1/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome home to this lovely ranch with sleek, modern kitchen including SS appliances, open layout, and oversized deck for entertaining. Vast rooms encompass the main floor with a charming primary bedroom holding a bonus room just beyond the sliding mirrored doors. A total of four bedrooms flow between the top and lower level of this home. Features include a "rocking chair" front porch, ample closet space, abundant storage in basement, 3 fully renovated bathrooms, large front/back yards, natural spring fed water, and a detached garage or workshop. Close to all necessities!

Key facts

• Oversized deck
• Ample closet space
• Modern kitchen

Tags

• MODERN KITCHEN
• OVERSIZED DECK
• ROCKING CHAIR FRONT PORCH
• AMPLE CLOSET SPACE
• ABUNDANT STORAGE
• FULLY RENOVATED BATHROOMS

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $-801 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $384k (26.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $390k (25.7% below list).
• Recommended offer: $384k (26.9% below list) — sets the bar for cash-flow.
• Cap rate 4.5% vs local median 1.8% in Wallkill — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 66/100 on livability (#630 in NY) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, employment A-; Watch: cost of living C-, amenities F, commute F.
• Wallkill Central School District (suburban): math 54% / reading 56% proficiency, ranked #279 of 590 in NY (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 100 active listings in the ZIP; 464 units permitted in Ulster County in 2024 (170 in 5+ unit buildings).

Forward outlook

• In year one you build about $56k of equity ($4k loan paydown + $52k appreciation (10.0% local appreciation)).
• Ulster County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$90k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($462k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $125k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $383,555 (26.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 4.46%
• Cash-on-cash: -6.54%
• DSCR: 0.71
• GRM: 11.2

CMA / ARV

• ARV (median comp): $510,059
• List price: $525,000
• Delta: 2.93%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.7%
• Equity multiple: 2.60×
• Total profit: $235,147
• Equity at exit: $472,962

10-year hold

• IRR: 18.1%
• Equity multiple: 5.99×
• Total profit: $733,000
• Equity at exit: $1,019,960

Cash invested: $147,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12589

• Home prices YoY: 5.2%
• Active inventory: 100
• Price-to-rent: 22.4×

Monthly cashflow live

• Estimated rent: $3,900 medium
• Mortgage (P&I): −$2,753
• Tax from tax record: −$910 /mo · $10,917/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$819
• Net cashflow: $-801

Break-even live

Break-even rent $4,914

Max offer price $383,555

Occupancy floor —

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,900
Total (2 units)			$3,900

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $525,000 Active 125 DOM
2. 2026-06-17
   days on market $525,000 Active 124 DOM
3. 2026-06-16
   pricedays on market $525,000 Active 123 DOM
4. 2026-06-15
   days on market $539,000 Active 122 DOM
5. 2026-06-14
   days on market $539,000 Active 120 DOM
6. 2026-06-13
   days on market $539,000 Active 119 DOM
7. 2026-06-10
   days on market $539,000 Active 117 DOM
8. 2026-06-09
   days on market $539,000 Active 116 DOM
9. 2026-06-08
   days on market $539,000 Active 115 DOM
10. 2026-06-07
    days on market $539,000 Active 114 DOM
11. 2026-06-05
    days on market $539,000 Active 111 DOM
12. 2026-06-03
    days on market $539,000 Active 110 DOM
13. 2026-06-02
    days on market $539,000 Active 109 DOM
14. 2026-06-01
    days on market $539,000 Active 108 DOM
15. 2026-05-31
    days on market $539,000 Active 107 DOM
16. 2026-05-30
    days on market $539,000 Active 106 DOM
17. 2026-05-05
    price $539,000 589-char remark

    Show marketing remark (589 chars)

    Welcome home to this lovely ranch with sleek, modern kitchen including SS appliances, open layout, and oversized deck for entertaining. Vast rooms encompass the main floor with a charming primary bedroom holding a bonus room just beyond the sliding mirrored doors. A total of four bedrooms flow between the top and lower level of this home. Features include a "rocking chair" front porch, ample closet space, abundant storage in basement, 3 fully renovated bathrooms, large front/back yards, natural spring fed water, and a detached garage or workshop. Close to all necessities!

18. 2026-04-08
    price $575,000 589-char remark

    Show marketing remark (589 chars)

    Welcome home to this lovely ranch with sleek, modern kitchen including SS appliances, open layout, and oversized deck for entertaining. Vast rooms encompass the main floor with a charming primary bedroom holding a bonus room just beyond the sliding mirrored doors. A total of four bedrooms flow between the top and lower level of this home. Features include a "rocking chair" front porch, ample closet space, abundant storage in basement, 3 fully renovated bathrooms, large front/back yards, natural spring fed water, and a detached garage or workshop. Close to all necessities!

19. 2026-03-03
    price $599,000 589-char remark

    Show marketing remark (589 chars)

    Welcome home to this lovely ranch with sleek, modern kitchen including SS appliances, open layout, and oversized deck for entertaining. Vast rooms encompass the main floor with a charming primary bedroom holding a bonus room just beyond the sliding mirrored doors. A total of four bedrooms flow between the top and lower level of this home. Features include a "rocking chair" front porch, ample closet space, abundant storage in basement, 3 fully renovated bathrooms, large front/back yards, natural spring fed water, and a detached garage or workshop. Close to all necessities!

20. 2026-02-13
    listed $650,000 Active 589-char remark

    Show marketing remark (589 chars)

    Welcome home to this lovely ranch with sleek, modern kitchen including SS appliances, open layout, and oversized deck for entertaining. Vast rooms encompass the main floor with a charming primary bedroom holding a bonus room just beyond the sliding mirrored doors. A total of four bedrooms flow between the top and lower level of this home. Features include a "rocking chair" front porch, ample closet space, abundant storage in basement, 3 fully renovated bathrooms, large front/back yards, natural spring fed water, and a detached garage or workshop. Close to all necessities!

21. 2025-04-11
    historical $3,500
22. 2025-03-18
    listed $3,500
23. 2024-05-14
    listed $695,000 Active
24. 2023-11-13
    listed $499,000 Active
25. 2023-08-02
    status Pending (Fully Executed Contract)
26. 2023-06-24
    price $184,900
27. 2023-06-17
    status Back On Market
28. 2023-05-26
    status Pending (Fully Executed Contract)
29. 2023-05-12
    status Pending (Continue To Show)
30. 2023-05-08
    listed $190,000 Back On Market
31. 2023-02-21
    status Pending (Fully Executed Contract)
32. 2023-02-15
    historical Accepted (Show)
33. 2023-01-31
    listed $190,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $10,917 · $910/mo
• Projected year-2 tax: $10,917 · $910/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,800
• − Mortgage interest: −$29,408
• − Property taxes: −$10,917
• − Insurance: −$2,625
• − Repairs & maintenance: −$3,744
• − Management: −$3,744
• − Depreciation: −$15,273
• Taxable loss: −$18,911
• Est. tax savings @ 24.0%: +$4,539
• After-tax cash flow: $-5,070/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Wallkill Central School District
• NCES district ID: 3629790
• Math proficiency: 54% ▼ -7.00%
• Reading proficiency: 56% ▲ 2.00%
• Median HH income: $72,323
• Composite: 49.06/100
• National rank: #2057
• State rank: #279 of 590 in NY

Livability — Wallkill

• Score: 66/100
• State rank: #630
• US rank: #11565

Category grades

Amenities F Commute F Cost of living C- Crime A Employment A- Housing A+ Health & safety D- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wallkill, NY
• Population (ZIP): 19,639

Population outlook (Ulster County) Hauer SSP2

• Today (2025): 175,887 people
• By 2030: 171,876 · -2.3%
• By 2040: 161,771 · -8.0%
• By 2050: 151,470 · -13.9%
• By 2075: 133,023 · -24.4%
• By 2100: 113,504 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 63% Hispanic / Latino 20% Two or more races 13% Black 9%
• Hispanic origin (detail): Mexican 4% Puerto Rican 8% Dominican 1%
• Common ancestry: Romanian 3% Lithuanian 1% Slovak 1%
• Foreign-born: 8% · Canada
• Languages at home: 81% English-only · Spanish 15% Other Indo-European 2%

Political lean MEDSL · Ulster

• 2024 margin: D (+18.7) · D 59.3% · R 40.7%
• 2008→2024 swing: -4.9pp toward R · 2008: 23.6pp · 2024: 18.7pp
• All cycles: 2024: D+18.7 2020: D+20.9 2016: D+9.1 2012: D+21.9 2008: D+23.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.97%
• Current HPI: 323.1502
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+183.7% since first listed

17 events — show timeline

• 2026-05-05 Price Changed $539,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $575,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $599,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-13 Listed $650,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-11 Rental Removed $3,500 HVCRMLS
• 2025-03-18 Listed for Rent $3,500 HVCRMLS
• 2024-05-14 Listed $695,000 HVCRMLS
• 2023-11-13 Listed $499,000 HVCRMLS
• 2023-08-02 Pending — HVCRMLS
• 2023-06-24 Price Changed $184,900 HVCRMLS
• 2023-06-17 Relisted — HVCRMLS
• 2023-05-26 Pending — HVCRMLS
• 2023-05-12 Pending — HVCRMLS
• 2023-05-08 Listed $190,000 HVCRMLS
• 2023-02-21 Pending — HVCRMLS
• 2023-02-15 Contingent — HVCRMLS
• 2023-01-31 Listed $190,000 HVCRMLS

Property tax history

+3.1%/yr

Latest (2025): $10,917 · +17.2% YoY. Source: county tax records.